08:45 AM EDT, 05/17/2024 (MT Newswires) -- WaFd ( WAFD ) said Friday that its unit, Washington Federal Bank, doing business as WaFd Bank, has agreed to sell 2,000 commercial multi-family real estate loans to Bank of America ( BAC ) with an unpaid principal balance of $3.2 billion.

The purchase price of the loans will be roughly 92% of the unpaid principal balance, totaling $2.9 billion, WaFd ( WAFD ) said.

Following the completion of the deal, Bank of America ( BAC ) plans to conduct a structured transaction or loan sale with funds managed by Pacific Investment Management, WaFd ( WAFD ) said.

The deal calls for a due diligence period ending on June 18, with a proposed closing date of June 21, WaFd ( WAFD ) said.